[Federal Register: February 1, 2008 (Volume 73, Number 22)]
[Notices]               
[Page 6219]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr01fe08-116]                         

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PENSION BENEFIT GUARANTY CORPORATION

 
Submission of Information Collection for OMB Review; Comment 
Request; Liability for Termination of Single-Employer Plans

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval.

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SUMMARY: The Pension Benefit Guaranty Corporation (``PBGC'') is 
requesting that the Office of Management and Budget (``OMB'') extend 
approval, under the Paperwork Reduction Act, of a collection of 
information in its regulation on Liability for Termination of Single-
Employer Plans, 29 CFR Part 4062 (OMB control number 1212-0017; expires 
February 29, 2008). This notice informs the public of the PBGC's 
request and solicits public comment on the collection of information.

DATES: Comments should be submitted by March 3, 2008.

ADDRESSES: Comments should be sent to the Office of Information and 
Regulatory Affairs, Office of Management and Budget, Attention: Desk 
Officer for Pension Benefit Guaranty Corporation, via electronic mail 
at OIRA_DOCKET@omb.eop.gov or by fax to (202) 395-6974. Copies of the 
collection of information may also be obtained without charge by 
writing to the Disclosure Division of the Office of the General Counsel 
of PBGC at the above address or by visiting the Disclosure Division or 
calling 202-326-4040 during normal business hours. (TTY and TDD users 
may call the Federal relay service toll-free at 1-800-877-8339 and ask 
to be connected to 202-326-4040.) PBGC's regulation on Liability for 
Termination of Single-employer Plans may be accessed on PBGC's Web site 
at http://frwebgate.access.gpo.gov/cgi-bin/leaving.cgi?from=leavingFR.html&log=linklog&to=http://pbgc.gov/practitioners/law-regulations-informal-guidance/content/page14767.html
.


FOR FURTHER INFORMATION CONTACT: Thomas H. Gabriel, Attorney, 
Legislative and Regulatory Department, Pension Benefit Guaranty 
Corporation, 1200 K Street, NW., Washington, DC 20005-4026, 202-326-
4024. (For TTY/TDD users, call the Federal relay service toll-free at 
1-800-877-8339 and ask to be connected to 202-326-4024.)

SUPPLEMENTARY INFORMATION: Section 4062 of the Employee Retirement 
Income Security Act of 1974 provides that the contributing sponsor of a 
single-employer pension plan and members of the sponsor's controlled 
group (``the employer'') incur liability (``employer liability'') if 
the plan terminates with assets insufficient to pay benefit liabilities 
under the plan. The PBGC's statutory lien for employer liability and 
the payment terms for employer liability are affected by whether and to 
what extent employer liability exceeds 30 percent of the employer's net 
worth.
    Section 4062.6 of the PBGC's employer liability regulation (29 CFR 
4062.6) requires a contributing sponsor or member of the contributing 
sponsor's controlled group who believes employer liability upon plan 
termination exceeds 30 percent of the employer's net worth to so notify 
the PBGC and to submit net worth information. This information is 
necessary to enable the PBGC to determine whether and to what extent 
employer liability exceeds 30 percent of the employer's net worth.
    The collection of information under the regulation has been 
approved by OMB under control number 1212-0017 (expires February 29, 
2008). The PBGC is requesting that OMB extend its approval for three 
years. An agency may not conduct or sponsor, and a person is not 
required to respond to, a collection of information unless it displays 
a currently valid OMB control number.
    The PBGC estimates that an average of five contributing sponsors or 
controlled group members per year will respond to this collection of 
information. The PBGC further estimates that the average annual burden 
of this collection of information will be 12 hours and $3,636 per 
respondent, with an average total annual burden of 60 hours and 
$18,120.

    Issued in Washington, DC, this 29th day of January, 2008.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit 
Guaranty Corporation.
 [FR Doc. E8-1874 Filed 1-31-08; 8:45 am]

BILLING CODE 7709-01-P